Every corporation formed under this chapter must, within three months after filing articles of incorporation, adopt a code of bylaws for its government, not inconsistent with the laws of this state. Bylaws may be adopted by stockholders representing a majority of all the subscribed capital stock, at a meeting of stockholders called for that purpose by order of the acting president, served upon them personally in writing, or by advertisement in some newspaper published in the county in which the principal place of business of the corporation is located, if there be one published therein, but if not, then in some paper published in some adjoining county. The time specified in said order for such meeting shall not be less than two weeks from the date thereof: provided, that the written assent of the holders of two-thirds of the subscribed capital stock shall be effectual to adopt a code of bylaws without a meeting of the stockholders for that purpose.

History: Laws 1878, ch. 1, ch. [tit.] 2, § 1; C.L. 1884, § 2630; C.L. 1897, § 3812; Code 1915, § 4670; C.S. 1929, § 116-118; 1941 Comp., § 74-109; 1953 Comp., § 69-1-9.

Bracketed material. — The bracketed material was inserted by the compiler and is not part of the law.

Compiler's notes. — For meaning of "this chapter", see compiler's notes to 63-1-8 NMSA 1978.

Cross references. — For legal newspapers, see 14-11-2 NMSA 1978.

Am. Jur. 2d, A.L.R. and C.J.S. references. — 18A Am. Jur. 2d Corporations §§ 310, 314, 315, 317.

18 C.J.S. Corporations §§ 65 to 69.